Norvic Shipping, a dry bulk owner and operator, launched the Norvic Singapore, a 40,000 dwt handymax that will be delivered by Japan’s Onomichi Shipyard in the fourth quarter of 2023.

The ship Norvic Singapore is part of Norvic’s strategy to acquire ships on long-term time charters, that meet rising demand from dry cargo owners for fuel-efficient maritime transportation.

Norvic Singapore is one of three ships joining Norvic’s fleet of dry cargo transportation vessels this year. 

The dry bulk ship operator received the previous month the ultramax Norvic Copenhagen, a 64,0000 dwt ship that was delivered by Imabari Shipyard during a handover ceremony in Japan.

Furthermore, the Norvic Houston launched earlier this year, is expected to be delivered to Norvic by Onomichi Shipyard in the third quarter of 2023. Like the Norvic Singapore, the vessel is an energy-efficient Handymax with 40,000 deadweight tons.

Commenting on Norvic’s growing fleet, AJ Rahman, Group chairman and chief executive of Norvic Shipping, said: “Despite the recent market turbulence caused by China’s economic slowdown, there is still good demand for dry cargo transportation vessels – particularly energy efficient ones as shipowners and operators looks to decarbonize their operations.”

“Acquiring fuel-efficient vessels on long-term charters gives cargo owners the tonnage they require to transport their goods around the globe. And it makes life easier for us as a shipowner with access to our own vessels, giving us the flexibility to provide capacity to support clients’ needs,” Rahman pointed out.